Number of insurance companies in Belgium 2008-2022

Back in 2008, there were 151 insurance companies in Belgium, yet this number fell below 100 for the first time in 2021 and remained below 100 in 2022. In 2022, there were 99 insurance companies in Belgium. The biggest insurance branch in Belgium is the life branch, which focuses on life insurances, pensions, and funeral insurance and reached a market share of life insurance business in terms of gross premium, the ratio of gross life insurance premium to the total gross premium, of approximately 71 percent in Belgium in 2007. This, however, decreased to approximately 49 percent in 2020. This development coincides with the European Central Bank purchasing assets on credit markets across Europe and, consequently, low interest rates in long-term investments, such as the capital market rate of ten-year government bonds in Belgium. From 2008 onwards, the number of life insurance companies decreased steadily.